The week starts with grains under pressure. Grain futures opened lower Monday night and pressed lower on a weather pattern shift for South America that is bringing better rain chances in Argentina, along with Russia increasing their crop size to a record 104.5 MMTs. Brazil has harvested an estimated 1% of their record 2023 crop…
Corn and soybeans rebound overnight. Corn and soybean futures rebounded overnight along with a lift in crude oil (oil near the highs of the week up $1.50), as short covering interest inspired buying ahead of Thursday’s WASDE crop report. Wheat futures recovered from overnight losses but stayed mixed into the early morning hours. The Chinese…
Grains fail to find a Turnaround-Tuesday. Grain futures are lower today after yesterday’s poor technical closes. Improving moisture prospects in Argentina beyond January 20 continues to prompt liquidation. Russia made an aggressive offer to Egypt, taking the legs out of the wheat market once again. Kansas City wheat falls through its December low on the…
Soybeans failed to breach 15.00 overnight and hold. Sunday night grain trade had seen a higher opening, but soybeans stalled at the $15.00 mark with record soybean meal ownership by the funds finding an exodus into the strength. Arid weather forecasts continue for Argentina, but several week fronts do pass through Argentina that presently do…
End of week short covering dominates overnight. Grain futures firmed overnight on end of the week short covering after three heavy days of selling that caught bid in the Thursday forenoon trading. This morning’s employment data came out neutral, averting fears that the Fed would take more aggressive action against any data numbers stronger than…
Overnight strength fades into the Thursday opening. The grain trade is mixed this morning after trying a minor bounce in the night alongside crude oil, which had led the commodity complex declines on Tuesday/Wednesday. Overnight strength in soybeans was tempered back as the morning GFS models moved potential rain from January 14, one day sooner,…
Soybeans firm on Argentine drought, corn and wheat soft. Grain futures are mixed this morning, with the wheat market sagging alongside French milling wheat values and corn drifting lower with the declining crude oil, which has been down over $$2.00 a barrel over the slowing prospects of China increasing energy purchases soon with rising Covid…
Soybeans and corn higher, wheat softer to start the new year. This first trading day of the new year has grains anticipating a mixed opening. Soybeans are called 5-10 higher with corn 1-3 higher, while wheat is indicated 2-5 lower with losses on French milling wheat. Some forecasted rains did fall over key Argentine crop…
